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No commissions are charged when no-load mutual funds are bought and sold. Because of the downturn in the stock market, Mr. and Mrs. Howell decided

image text in transcribed No commissions are charged when no-load mutual funds are bought and sold. Because of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of thelr stocks and the mutual fund In 2023 and to relnvest In municipal bonds. The following Investment assets were sold in 2023: No commissions are charged when no-load mutual funds are bought and sold. The Howells' broker Issued them a Form 1099-B showing the sales proceeds net of the commissions pald. For example, the IBM sales proceeds were reported as $13,600 on the Form 1099 -B they recelved. In addition to the sales reflected in the table above, the Howells provided you with the following additional Information concerning 2023: - The Howells recelved a Form 1099-B from the Vanguard mutual fund reporting a $900 long-term capltal galn distribution. This distribution was relnvested In 31 additional Vanguard mutual fund shares on 6/30/2023. - In 2017, Mrs. Howell loaned $6,000 to a frlend who was starting a new multilevel marketlng company called LD3. The frlend declared bankruptcy in 2023, and Mrs. Howell has been notlfied she will not be recelving any repayment of the loan. - The Howells have a $2,300 short-term capltal loss carryover and a $4,800 long-term capital loss carryover from prior years. - The Howells did not Instruct their broker to sell any particular lot of IBM stock. - The Howells earned $3,000 in municipal bond interest, $3,000 In Interest from corporate bonds, and $4,000 in quallfied dividends. - Assume the Howells have $130,000 of wage Income during the year. c. Assume the Howells' short-term capital loss carryover from prlor years is $82,300 rather than $2,300 as Indicated above. If this is the case, how much short-term and long-term capltal loss carryovers remain to be carrled beyond 2023 to future tax years? Note: Leave no cells blank - be certaln to enter " 0 " wherever requlred

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